Core Viewpoint - The company, Douniu Technology (01961), is focusing on enhancing its financial structure and operational liquidity through diversified financial cooperation with various banks, aiming for sustainable development and risk resilience [1] Group 1: Financial Strategy - The board has authorized the management team to actively pursue deep financial cooperation with banks, including liquidity loans and letter of credit financing [1] - The company aims to optimize its financial structure and ensure operational liquidity, thereby strengthening its long-term stability and risk management capabilities [1] Group 2: Loan Agreements - The wholly-owned subsidiary, Guangzhou Jiuzun Interactive Technology Development Co., Ltd., is applying for a credit line ranging from a minimum of 3 million to a maximum of 15 million RMB from state-owned commercial banks in mainland China [1] - Chengdu Zhi Le Interactive Technology Co., Ltd., another wholly-owned subsidiary, will provide full joint liability guarantees for the credit line [1] - The loans are intended solely for the daily operational funding of the borrower and will not be used for other purposes [1] Group 3: Operational Support - The loan agreements are designed to enhance the operational funds of the borrower, supporting its core business [1] - This financing initiative will help the group broaden its funding channels and optimize its debt structure [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Infinities Technology International (Cayman) Holding Limited 多 牛 科 技 國 際（ 開 曼 ）集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1961） 自願性公告 本公 告乃由 多牛 科技國 際（ 開曼 ）集團有 限公司（「本 公司」，連 同其附 屬公司 ，統 稱為「本集團」）自願作出。 本公司董事會（「董事會」）於近期召開會議並通過系列議程。基於市場行情和公司 長遠發展考量，董事會授權集團管理團隊及業務部門，積極拓展與各類銀行的深 度金融合作，通過穩步推進流動性貸款、信用證融資等多元化業務，進一步優化 公司財務結構、保障運營資金流動性，從而全面強化企業抗風險能力與長期經營 的穩定性，為可持續發展奠定紥實的金融支撐。 透過貸款協議，本集團旨在增強借款人之 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年12月2日 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000, ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,0 ...

Financial Performance - The company's revenue decreased from approximately RMB 133.9 million in the first half of 2024 to approximately RMB 19.0 million in the first half of 2025, representing a decline of 85.8%[8] - Gross profit fell from approximately RMB 21.1 million in the first half of 2024 to approximately RMB 3.0 million in the first half of 2025, a decrease of 85.9%[8] - The company's revenue for the first half of 2025 decreased by approximately RMB 114.9 million or 85.8% to about RMB 19.0 million compared to RMB 133.9 million in the first half of 2024[18] - Gross profit fell by approximately RMB 18.1 million or 85.9% to about RMB 3.0 million in the first half of 2025 from RMB 21.1 million in the first half of 2024[18] - The pre-tax loss increased by 79.8% to RMB 34.7 million in the first half of 2025 from RMB 19.3 million in the first half of 2024[22] - The net loss for the first half of 2025 was approximately RMB 33.8 million, compared to a net loss of approximately RMB 19.5 million in the first half of 2024[33] - The company reported a net loss of RMB 34 million for the six months ended June 30, 2025, with a net cash outflow from operating activities of RMB 15 million[78] - The total comprehensive loss for the period was RMB 34.608 million, which includes a loss of RMB 31.438 million from operations[78] Revenue Breakdown - The decline in revenue was primarily due to a reduction of approximately RMB 45.7 million from mobile gaming, RMB 62.4 million from digital media, and RMB 6.8 million from game product supply[8] - Mobile game revenue dropped by approximately RMB 45.7 million or 97.4% from about RMB 46.9 million in the first half of 2024 to about RMB 1.2 million in the first half of 2025[23] - Digital media content distribution revenue fell by approximately RMB 62.4 million or 79.5% from about RMB 78.5 million in the first half of 2024 to about RMB 16.1 million in the first half of 2025[23] - Revenue from game product supply to subsidiaries was RMB 1,687,000 for the six months ended June 30, 2025, down from RMB 8,498,000 in the same period of 2024, indicating a decline[107] Assets and Liabilities - The total assets decreased by 41.8% from RMB 550.6 million as of December 31, 2024, to RMB 320.5 million as of June 30, 2025[16] - The total equity decreased by 20.6% from RMB 179.3 million to RMB 142.3 million during the same period[16] - Total current assets decreased to RMB 199,743,000 from RMB 416,206,000, reflecting a decline of 52%[72] - The company's total assets less current liabilities decreased to RMB 167,114,000 from RMB 196,651,000, a decline of 15%[73] - The total equity attributable to the owners of the parent company decreased to RMB 123,336,000 from RMB 157,944,000, a decline of 22%[73] User Metrics - The number of paying players dropped to 0.08 thousand from 211.3 thousand, representing a 100% decrease[21] - Average monthly paying users also fell to 0.08 thousand from 35.2 thousand, marking a 100% decrease[21] - The company reported a significant increase in monthly paying users, reaching a total of 1 million, representing a growth of 25% year-over-year[118] Strategic Initiatives - The company aims to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion[10] - The company plans to explore deeper integration of AI technology with its business to enhance product offerings and user experiences[11] - The company plans to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion in the second half of 2025[19] - The company aims to explore deeper integration of AI with its business to uncover new product scenarios and enhance resource integration and innovation[19] - The company will continue to collaborate with technology service companies and well-known game companies to create high-quality games and enhance its digital media marketing capabilities[19] Governance and Compliance - The audit committee consists of three members, including two independent non-executive directors, and has reviewed the interim financial results for the first half of 2025[66] - The company has complied with all applicable corporate governance codes, except for the separation of the roles of chairman and CEO[63] - A female non-executive director was appointed on March 28, 2025, to enhance board diversity[65] - The company has established governance measures to avoid conflicts of interest among directors[53] Market Challenges - The company faces significant risks in the mobile gaming market in China, including reliance on distribution channels and potential delays in payment from settlement agents, which could adversely affect cash flow and financial performance[42] - The company is expanding into AI application development and AIGC mobile applications, facing compliance risks due to evolving regulations and uncertainty regarding user willingness to pay for AIGC applications[42] - The company relies on overseas suppliers for game product procurement, facing challenges related to product quality and transportation losses[43] - The company has established a significant presence in the digital media content sector but faces external disruptions such as system outages and hacking incidents[42] Shareholder Information - As of June 30, 2025, Mr. Wang Le holds 447,974,711 shares, representing 61.00% of the company's equity, through Infinities Global[45] - Ms. An Fenghua also holds 447,974,711 shares, representing 61.00% of the company's equity, through controlled entities[49] - The company did not recommend any interim dividend for the first half of 2025, consistent with the previous year[54] - The company has not disclosed any arrangements allowing directors to benefit from purchasing shares or debt securities of the company or other entities[47] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[118] - New product launches are expected to contribute an additional HKD 100 million in revenue over the next fiscal year[118] - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing user experience[118] - The company has set a performance guidance of 20% revenue growth for the upcoming fiscal year[118]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,00 ...

Core Viewpoint - The company reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to decreased earnings from its mobile gaming and digital media businesses [1] Financial Performance - The company's revenue for the first half of 2025 was approximately RMB 19 million, representing a year-on-year decrease of 85.8% [1] - Gross profit fell from approximately RMB 2,110 million in the first half of 2024 to about RMB 300 million in the first half of 2025, a decline of approximately 85.9% [1] - The loss for the first half of 2025 was around RMB 33.8 million, compared to a loss of RMB 19.5 million in the first half of 2024 [1] Business Segment Performance - Revenue from the mobile gaming business decreased by approximately RMB 45.7 million [1] - Revenue from the digital media business decreased by approximately RMB 62.4 million [1] - Revenue from the game product supply business decreased by approximately RMB 6.8 million [1] Development Stage - The company's artificial intelligence application development and related services are still in the development stage, consuming significant resources and resulting in low gross profit levels [1]

Core Insights - The company, Douyu Technology (01961), reported a revenue of 18.997 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 85.8% [1] - The company incurred a loss of 33.765 million RMB during the same period, which is an increase of 73.5% compared to the previous year [1] - The basic loss per share was reported at 4.3 cents [1]

Group 1 - The company, Duniu Technology (01961), reported revenue of 18.997 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 85.8% [1] - The company incurred a loss of 33.765 million RMB during the same period, which is a year-on-year increase of 73.5% [1] - The basic loss per share was 4.3 cents [1]